Bullish! Robina Gokongwei-Pe says Robinsons Retail will open 120 stores this year
Robinsons Retail Holdings, Inc. (RRH) has earmarked P3.5 billion for capital expenditures (capex) this year, 16 percent higher than its 2017 spending of P3.1 billion.
RRHI Robina Gokongwei-Pe made this announcement during the listed firm’s annual stockholders’ meeting Monday.
Gokongwei-Pe said the capex will fund the expansion program of RRHI this year including the establishment of an additional 100 to 120 stores, opening of a bigger distribution center, and expanding electronic commerce platform, and launching of new retail formats.
These new stores will be composed of 13 supermarkets, three department stores, 10 to 15 DIY stores, 20 to 30 convenience stores, 25 to 30 South Star Drugstores, and 20 to 25 specialty stores.
She said some 100 franchise stores of The Generics Pharmacy would also be launched this year.
By the third quarter of the year, RRHI will open its first pet care retail, Pet Lovers Centre, at Robinsons Galleria with its franchise agreement with Pet Lovers Centre Singapore.
As of first quarter of 2018, RRHI has so far spent P683 million of its capex for the year.
Gokongwei-Pe said RRHI has welcomed the Tax Reform for Acceleration and Inclusion (TRAIN) law, as it has lowered personal income tax rate and has allowed Filipinos to have more disposable income.
“We remain optimistic about the Philippine economy and Filipino consumers. And our company will remain a key player in the retail sector,” Gokongwei-Pe said.
Gokongwei-Pe said the company was waiting for the go-signal of the Philippine Competition Commission before consummating its deal with Mulgrave Corp. B.V. to acquire 100 percent stake in Rustan Supercenters, Inc. (PNA)